Three years ago, a multibillion-dollar investment firm called Archegos Capital Management blew up with little warning, causing big losses for some Wall Street banks and leading to federal criminal charges against the firm’s founder, Bill Hwang.
On Wednesday, Mr. Hwang, 60, who was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation, is set to go on trial in Manhattan federal court.
Federal prosecutors are seeking to secure a conviction in a major stock market manipulation case in which Mr. Hwang, whose legal name is Sung Kook Hwang, was one of the big financial losers.
Archegos had managed money mainly for Mr. Hwang, his family and some of his employees, and much of his family’s wealth was wiped out when the firm collapsed in March 2021.
Also on trial with Mr. Hwang is Patrick Halligan, the former chief financial officer of Archegos.
Persons:
Bill Hwang, Hwang, Sung Kook Hwang, Archegos, Patrick Halligan
Organizations:
Archegos Capital Management, Authorities
Locations:
Manhattan, Wall